While bonuses and financial incentives are always welcome in any industry and at all levels, it's important to show appreciation for good performance tooThere’s nothing worse than valuable and experienced employees becoming disillusioned and handing in their notice to work elsewhere. Not only do you lose vital members of your team this way, but you risk your best employees joining your competitors. It’s important to keep your best employees motivated and engaged throughout their careers to ensure they remain happy with your company and aren’t tempted to jump ship. Here are some simple ways in which you can keep your most valuable team members happy.
Improve Your Performance Review Process
Too many businesses treat performance reviews as a formality. Employees dread them and find them pointless, and managers too often don’t have a clear outline of what the performance review should look like. Use performance reviews to engage your employees and treat them as coaching sessions rather than a dry reflection on the past month, quarter or year. Consider bringing in external consultants to help overhaul your performance review process if you find this daunting or lack experience in this area. Find out about your employees’ career aspirations and show them you are taking practical steps to help them achieve their goals.
Overhaul Your Training Processes
The best companies offer ongoing training and development, keeping employees engaged and letting them see they are progressing in their career. Work with external training providers and educational establishments to offer a wide range of training and find out what areas staff feel they would most like to develop their skills in. You might even consider funding or subsidising hobbies or recreational courses in areas unrelated to your employees’ actual jobs. This ensures well-rounded, happy employees who have full, rewarding lives outside of the workplace – something every company should want.
Reward Good Performance
While bonuses and financial incentives are always welcome in any industry and at all levels, it’s important to show appreciation for good performance too. If your team has had a big breakthrough on a project or has worked particularly hard lately, make it known that it’s been noticed and appreciated. Make sure you know exactly who is responsible for what in your company and don’t overlook quieter or less prominent members of the team who might work hard in the background without seeking recognition. A good manager knows exactly what each member of his or her team is doing. Even things like team meals or free lunch delivered to the office every now and then has a big effect on staff satisfaction and don’t cost much for the business. Employees who feel under-appreciated will soon start to look for opportunities elsewhere.
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